Often in marriage, the partners presume that they will share what they have with each other. While this may be the case for some of property, not every piece of property owned by one or both of the partners to the marriage is considered marital. In Colorado, the partners may own property jointly or separately as individuals and depending upon how the property is classified, it may be subject to equitable division principles during a divorce.
Certain types of property are considered separate. For example, gifts given to one of the spouses to a marriage or inheritance bequests that extend to an individual, rather than a couple often retain their separate property traits. Property owned by a person prior to their marriage may also stay separate. In any of these scenarios, so long as the property attained is not mingled with martial property or used for marital purposes, then it will generally remain that of the individual owner.
However, couples often acquire significant property during their marriages, such as real property, cars, furniture and more. Property purchased with marital funds or bought jointly by both partners is subject to division when the partners choose to end their marriage. In Colorado, a divorce-related property division process will not necessarily result in an equal division of the property between the partners, but an equitable division that preserves fairness.
There are many factors that can complicate a divorce-related property division and readers who wish to better understand this complex process are asked to speak with their divorce or family law attorneys. The outcome of a property division agreement or order may drastically affect a person's financial stability after divorce and as such, should be treated with attention and care.